Car Security System Market Expected to Behold at a CAGR of 11.8% from 2021-2031

The global car security system market is projected to reach a valuation of US$ 11.1 Bn in 2021. Surging demand for high passenger vehicles in the automotive industry is expected to bolster sales of car security system at 11.8% CAGR. As per Future Market Insights (FMI), the market valuation will reach US$ 33.8 Bn in 2031.
The automotive industry is expected to grow rapidly in the coming years with sales expected to skyrocket especially in electric vehicle space. Growing demand for advanced automotive electronics for improved car security and safety is expected to push the sales of car security systems. Besides this, the rising demand for luxury vehicles is propelling the car security system market growth.
As per FMI’s regional analysis, China is anticipated to dominate the East Asia car security system market. Growth registered in China can be attributed to the strong presence of key automotive players, along with exponential rise in the production of passenger vehicles.
Key Takeaways:
• By vehicle type, passenger cars segment is projected to account for more than four-fifth of the total car security system market share in 2031
• The Europe is anticipated to hold a more than one fourth of the global car security system market in 2021
• Demand in Italy will continue supporting sales in the Europe car security system market
• The U.S. is projected to account for nearly three-fourth of sales in North America
“Increasing sales of automotive electronics and integration of advanced car security features in vehicles by original equipment manufacturers (OEM) are expected to boost the car security system market through the assessment period,” says an FMI analyst.
Competitive Landscape
Leading players operating in the global car security system market include Continental AG, Robert Bosch GmbH, Hella GmbH & Co. KGaA, Aptiv plc, Denso Corporation, Tokai Rika Co., Ltd., ALPHA Corporation, Stoneridge Inc., Mitsubishi Electric Corporation, Huf Hülsbeck & Fürst GmbH & Co. KG, Valeo S.A., Marquardt GmbH, I Car Srl, Directed Inc., Alps Alpine Co. Ltd., and Atech Automotive (Wuhu) Co., Ltd.
Car security system market is projected to be a fast growing market due to the increasing automotive sales. Primary strategies adopted by companies include strategic collaborations and product launches. For instance:
• Aptiv Plc and Valens Semiconductor Ltd entered into a partnership to develop their smart vehicle architecture platform.
• In April 2018, Hella and BHAP launched an electronic joint venture in China to meet the rising demand for electronic components.
• Tokai Rika and Dai Nippon Printing Announce a Jointly Developed Digital Key Platform for Smart Phones with a variety of locking and unlocking capabilities. In addition to vehicles and the mobility sector, this platform can be used to distribute and manage digital keys across a wide range of fields.
More Insights into the Car Security System Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the global car security system market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (central locking system, car alarm, immobilizer, remote keyless entry and others), vehicle type [passenger cars (compact, mid-size, luxury and SUV), light commercial vehicle], and sales channel (OEM and aftermarket) across six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific and Middle East & Africa).
For more information:
https://www.futuremarketinsights.com/reports/car-security-system-market